224 N Poplar St
Ludlow, IL 60949

$299,000 USD

Manufactured Housing Mobile Home Park For Sale • 1,100 SF

Property Details

Property Type Manufactured Housing Mobile Home Park
Total Building Size 1,100 SF
Lot Size 1.18 AC
Building Class C
Year Built 2000
Zoning Improved Commercial (0060

10 Walk Score

Description

Investment Highlights

• Current Yield: Approximately 14% cap rate based on existing operations
• Pro Forma Yield: Approximately 18% cap rate achievable through renovation of the on-site structure and leasing the 12th licensed pad
• Inventory: 11 pads total – all homes are tenant-owned or owner-financed
• Maintenance: No park-owned homes, resulting in minimal owner maintenance responsibilities
• Occupancy: 11 of 11 pads occupied (95% occupancy when factoring the 12th licensed pad)
• Expansion Potential: Park is licensed for 12 pads, allowing for the addition of one more home site
• Value-Add Opportunity: Renovation of the existing house on-site could increase overall returns and push the cap rate toward 18%
• Utilities: City water and septic system. The Town of Ludlow is currently awaiting approval for sewer expansion through state funding.

Financing:
A local lender may be available to finance the purchase for qualified buyers.

This is a low-maintenance, stabilized mobile home park with strong cash flow and additional upside through modest improvements and expansion.

                
                    Highlights
                
                                Stabilized Investment 
                            
                                Low maintenance cost,  all pads tenant owned or owner financed 
                            
                                Single Family House ready for value add on property